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1 Table of contents Foreword vii Preface viii 1 Introduction A. Purpose of the Manual B. Uses of the GFS System C. Structure and Features of the GFS System D. Methodological Changes from the 1986 GFS System E. Implementation of the Revised GFS System F. Structure of the Manual Coverage of the GFS System A. Introduction B. Sectors and Institutional Units C. The General Government Sector and its Subsectors D. The Public Sector E. Sectors Other than the General Government and Public Sectors F. Residency Figure 2.1: The General Government Sector and Its Subsectors Figure 2.2: The Public Sector Annex to Chapter 2: Social Protection A. Introduction B. The Nature of Social Benefits C. Classification of Social Protection Schemes D. The Units Involved in Social Protection Schemes Flows, Stocks, and Accounting Rules A. Introduction B. Types of Flows C. Accounting Rules The Analytic Framework A. Introduction B. Analytic Objectives C. Construction of the Framework: Relation to the Previous GFS System D. Components and Concepts of the Analytic Framework E. The Statement of Government Operations F. Government Cash Operations G. The Statement of Other Economic Flows H. The Balance Sheet I. Additional Summary Measures for Fiscal Policy iii

2 Figure 4.1: Structure of the GFS Analytic Framework Table 4.1: Statement of Government Operations Table 4.2: Statement of Sources and Uses of Cash Table 4.3: Statement of Other Economic Flows Table 4.4: Balance Sheet Box 4.1: Analytical Measures for Fiscal Policy Revenue A. Revenue and its Components B. Classification and Recording of Revenue Table 5.1: Classification of Revenue Expense A. Classifications of Expense B. The Economic Classification of Expense C. The Functional Classification of Expense D. Cross-Classification of Expense Table 6.1: Economic Classification of Expense Table 6.2: Classification of Expense by Function of Government Table 6.3: Cross-Classification of Functional and Economic Classifications of Expense Annex to Chapter 6: Classification of the Functions of Government The Balance Sheet A. Introduction B. Definitions of Assets and Liabilities C. Valuation of Assets and Liabilities D. Classification of Assets and Liabilities E. Net Worth F. Memorandum Items G. Supplemental Cross-Classification of Financial Claims by Sector of the Other Party to the Instrument Table 7.1: The Balance Sheet Table 7.2: Classification of Nonfinancial Assets Table 7.3: Classification of Financial Assets and Liabilities Table 7.4: Cross-Classification of Financial Claims and Sectors Transactions in Nonfinancial Assets A. Introduction B. Valuation C. Time of Recording D. Consumption of Fixed Capital E. Netting of Flows F. Classification of Transactions in Nonfinancial Assets Table 8.1: Classification of Transactions in Nonfinancial Assets Transactions in Financial Assets and Liabilities A. Introduction B. Valuation C. Time of recording D. Netting and Consolidation of Flows iv

3 E. Arrears F. Classification of Transactions in Financial Assets and Liabilities by Type of Financial Instrument and Residence G. Classification of Transactions in Financial Assets and Liabilities by Sector and Residence Table 9.1: Net Acquisition of Financial Assets and Net Incurrence of Liabilities Classified by Financial Instrument and Residence Table 9.2: Net Acquisition of Financial Assets and Net Incurrence of Liabilities Classified by Sector of the Counterparty to the Financial Instrument and Residence Other Economic Flows A. Introduction B. Holding Gains C. Other Changes in the Volume of Assets Table 10.1: Classification of Other Economic Flows Appendix 1 Changes from the 1986 A Manual on Government Finance Statistics A. Introduction B. Coverage of Units C. Time of Recording Economic Events D. Coverage of Events E. Valuation F. Gross and Net Recording of Flows G. Integration of Flows and Stocks H. Definitions and Classifications I. Balancing Items J. Harmonization with Other Statistical Systems Appendix 2 Government Debt Operations A. Introduction B. Interest, Principal, and Arrears C. Debt Assumption D. Debt Payments on Behalf of Other Units E. Debt Forgiveness F. Debt Restructuring and Rescheduling G. Debt Write-offs and Write-downs H. Debt-for-Equity Swaps I. Financial and Operating Leases J. Defeasance Appendix 3 Government Finance Statistics and the System of National Accounts A. Introduction B. Coverage and Accounting Rules C. Comparison of the Structures of the GFS and SNA Systems D. Use of GFS Data to Compile the SNA Table A3.1: Sequence of SNA Transaction Accounts Table A3.2: Correspondence of GFS and SNA Transaction Categories v

4 Appendix 4 Classifications Figure A4.1: The Classification Coding System for GFS A. Classification of Revenue B. Economic Classification of Expense C. Classifications of Flows and Stocks in Assets and Liabilities D. Classification of Outlays by Functions of Government E. Classification of Transactions in Financial Assets and Liabilities by Sector Index vi

5 Foreword Recent experiences, especially those during financial crises, have shown the importance of detecting sources of vulnerability early and taking timely corrective measures. One focus of the IMF s work in this area is on increasing the availability of key data. The IMF undertakes a range of activities for this purpose, including the IMF Statistics Department s work to prepare manuals describing methodologies that should be used to compile economic and financial statistics. In this regard, I am pleased to introduce the second edition of the Government Finance Statistics Manual. This manual takes its place alongside the other manuals prepared by the Statistics Department, including the Balance of Payments Manual, the Monetary and Financial Statistics Manual, and the Quarterly National Accounts Manual. Like the other manuals, this manual is harmonized with the System of National Accounts This Manual represents a major step forward in the standards for compilation and presentation of fiscal statistics and thus takes its place as part of the worldwide effort to improve government accounting and transparency in operations. Government finance statistics are a key to fiscal analysis, and they play a vital role both in developing and monitoring sound financial programs and in conducting surveillance of economic policies. Of particular note is that the Manual introduces accrual accounting, balance sheets, and complete coverage of government economic and financial activities. Although only a few countries are currently capable of meeting the standards promulgated in this Manual, the number is increasing steadily and I hope that the trend continues. I commend the Manual to compilers and users as an important instrument in their work and urge member countries to adopt the guidelines of the Manual as the basis for compiling government finance statistics and for reporting this information to the Fund. This Manual has been prepared by the Statistics Department in close consultation with experts in government financial statistics in member countries and international organizations. I would like to thank all of the experts involved for their invaluable assistance and for their collaborative and cooperative spirit. Horst Köhler Managing Director International Monetary Fund vii

6 Preface The Government Finance Statistics Manual is the latest in a series of international guidelines on statistical methodology that have been issued by the International Monetary Fund. The Manual, which updates the first edition published in 1986, is a major advance in the standards for compilation and presentation of fiscal statistics and part of a worldwide trend toward greater accountability and transparency in government finances, operations, and oversight. The Manual was produced by the IMF s Statistics Department in fulfillment of its mission to provide strong leadership for the development and application of sound statistical practices. The Manual is designed for compilers of government finance statistics, fiscal analysts, and other users of fiscal data. It may also be useful to compilers and users of other macroeconomic statistics in understanding the relations between the various sets of statistics, in particular to compilers of the national accounts who may depend on government finance statistics as an input to their work. It is focused, however, on definitions, classifications, and guidelines for presenting government finance statistics. As such, it does not describe the methods to be used to compile the statistics. Practical guidance based on the Manual will be provided in a compilation guide and through technical assistance and training work with member countries. In addition to this English language version, the Manual will be published in Arabic, Chinese, French, Russian, and Spanish. Fiscal analysis is rapidly evolving in response to the growing complexity of formulating and evaluating government fiscal policies. To meet these new requirements, the Manual introduces the accrual basis of recording economic events so that all resource flows are included, integrates balance sheets with transactions and other flows, and defines multiple balancing items so that a balancing item appropriate to a specific analytical need can be selected. Moreover, the concepts and principles set out in the Manual are harmonized with those of the System of National Accounts 1993 (1993 SNA) so that government finance statistics can be utilized jointly with other macroeconomic statistics. The Manual is an ambitious step forward in statistical methodology. It is recognized that the implementation of the fully integrated system presented in this manual will take some time and will need to progress at a pace determined by the differing needs and circumstances of the country involved. In particular, many countries will need to revise their underlying accounting systems to reflect the accrual basis of recording and revised classifications. The preparation of the Manual has been a long and complex endeavor involving a number of people with different skills who were able to build on each other s work over an extended period. The primary author of the Manual was Mr. John Pitzer, a consultant. The project was begun under the supervision of Mr. Thomas McLoughlin and completed under the guidance of Mr. Paul Cotterell, successive chiefs of the Government Finance Division in the IMF s Statistics Department. The drafting involved close consultation with experts in the IMF, member countries, and international organizations. Mr. Sean Culhane of the IMF s External Relations Department managed the production process of the final publication. The publication of the 1993 SNA and growing recognition of deficiencies in the methodology of the 1986 manual provided the impetus for this revision. In March 1995, an issues note and questionnaire was sent to compilers in member countries to gather views on a number of methodological issues and ascertain the availability of source data. In October 1995, an internal paper was prepared by Mr. McLoughlin that gave shape to the new system. In July 1996, an IMF working paper The Case for Accrual Recording in the IMF s Government Finance Statistics System, by Mr. Don Efford, a consultant, was distributed. It was a key document in the debate over the shift from the cash basis of recording to the accrual basis. In August 1996, Government Finance Statistics: Annotated Outline was circulated for comment and the first draft of a manual was written by Mr. Efford throughout 1996 and Mr. Pitzer oversaw the finalization of the Manual through successive rounds of review and redrafting to take account of comments from experts in member countries and by IMF staff. A meeting of government finance statistics experts was convened in February 2001 to discuss the Manual and a final round of changes made to incorporate conclusions that were reached at the meeting. viii

7 Particular note should be made of the collaboration between the IMF s Statistics and Fiscal Affairs Departments. Ms. Adrienne Cheasty took the lead in drafting Chapter 4, The Analytic Framework, and she and her colleagues provided valuable consultation and advice with respect to the entire manual. The IMF staff wishes to acknowledge, with thanks, the contributions of the following experts who participated in the February 2001 meeting. Australia Australia Australia Canada Hungary India Portugal Russia South Africa Thailand United States Uruguay BCEAO CIS ECB ECB Eurostat OECD OECD UN World Bank Ms. Betty Gruber Mr. Don Efford Mr. Brett Kaufmann Mr. Terry Moore Ms. Gizella Csonka Mr. Tarun Das Ms. Margarida Salvacao Claro Ms. Irina Dubinina Mr. Louis Venter Ms. Chalalai Jiwasukapimat Mr. Timothy Dobbs Ms. Isabel Rial Mr. Bernard Konan Mr. Youri Ivanov Mr. Werner Bier Mr. Manuel Coutinho Pereira Mr. Denis Besnard Mr. Christopher Heady Mr. Paul McCarthy Mr. Viet Vu Ms. Barbro Hexeberg Carol S. Carson Director Statistics Department International Monetary Fund ix

8 1. Introduction This chapter describes the purpose of this manual, the uses of government finance statistics, the structure of the government finance statistics system, major methodological changes from the previous edition of this manual, and methods of implementing the revised system. A. Purpose of the manual 1.1 This second edition of the Government Finance Statistics Manual (GFS Manual or revised GFS Manual) 1 describes a specialized macroeconomic statistical system (the GFS system) designed to support fiscal analysis. The manual provides the economic and accounting principles to be used in compiling the statistics and guidelines for the presentation of fiscal statistics within an analytic framework that includes appropriate balancing items. 2 The manual does not treat systematically the practical aspects of compiling the statistics. These aspects of the GFS system will be addressed in a compilation guide. 1.2 The primary purpose of the GFS Manual is to provide a comprehensive conceptual and accounting framework suitable for analyzing and evaluating fiscal policy, especially the performance of the general government sector and the broader public sector of any country. The concept of a sector is described in Chapter 2. In short, the general government sector consists of entities that implement public policy through the provision of primarily nonmarket services and the redistribution of income and wealth, with both activities supported mainly by compulsory levies on 1 The first edition was published in 1986 with the title A Manual on Government Finance Statistics. It will be referred to as the 1986 GFS Manual. 2 Balancing items summarize the net value of the activities covered by a set of accounting entries, such as the net value of total revenue less total expense. Chapter 4 provides details on the analytic framework and its balancing items. other sectors. The public sector consists of the general government sector plus government-controlled entities, known as public corporations, whose primary activity is to engage in commercial activities. 1.3 Public finance analysts have traditionally used fiscal statistics to analyze the size of the public sector; its contribution to aggregate demand, investment, and saving; the impact of fiscal policy on the economy, including resource use, monetary conditions, and national indebtedness; the tax burden; tariff protection; and the social safety net (see Chapter 4, Box 1). In addition, analysts have become increasingly interested in assessing the effectiveness of spending on poverty alleviation, the sustainability of fiscal policies, net debt, net wealth, and contingent claims against government, including the obligations for social security pensions. 1.4 Achieving these analytic goals often requires the use of statistics for the public sector rather than the general government sector. Public corporations, nonfinancial as well as financial, can carry out government fiscal policies in a variety of ways, and analysis of their fiscal activities frequently requires statistics on all of their activities rather than isolated statistics on specific transactions. Even when statistics are compiled for only the general government sector, some information on public corporations is required to reflect the level and change in the level of equity ownership of public corporations held by units of the general government sector. 1.5 The basic concepts, classifications, and definitions employed in this manual depend on economic reasoning and principles that should be valid universally regardless of the circumstances in which they are applied. Therefore, the GFS system is applicable to all types of economies regardless of the institutional or legal structure of a country s government, the sophistication of its statistical development, the 1

9 Government Finance Statistics Manual 2001 system of government financial accounting, or the extent of public ownership of for-profit entities. Nevertheless, the fact that countries differ greatly in their governmental and economic structures means that the various parts of this manual will not be equally relevant. 1.6 This edition of the GFS Manual updates the internationally recognized standards for the compilation of statistics required for fiscal analysis that were established by the 1986 GFS Manual. The revised standards have been harmonized with the corresponding standards of other internationally recognized macroeconomic statistical systems to the extent consistent with the goal of supporting fiscal analysis. The other statistical systems are the overarching System of National Accounts (hereafter referred to as the 1993 SNA) and two specialized systems that are focused on the balance of payments and monetary and financial statistics. 3 This manual draws heavily on the text of the 1993 SNA to avoid an inference that a different meaning is intended. 4 B. Uses of the GFS system 1.7 The GFS system is designed to provide statistics that enable policymakers and analysts to study developments in the financial operations, financial position, and liquidity situation of the general government sector or the public sector in a consistent and systematic manner. The GFS analytic framework can be used to analyze the operations of a specific level of government and transactions between levels of government as well as the entire general government or public sector. 1.8 One method used in the GFS system to produce summary information on the overall performance and financial position of the general government or public sector is through the use of a set of balancing 3 Commission of the European Communities, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations, World Bank, System of National Accounts 1993 (Brussels/Luxembourg, New York, Paris, Washington, 1993). International Monetary Fund, Balance of Payments Manual, 5th ed. (Washington, 1993). International Monetary Fund, Monetary and Financial Statistics Manual (Washington, 2000). 4 This manual also draws heavily on United Nations, Classifications of Expenditure According to Purpose (New York, 2000) for the Classification of Functions of Government introduced in Chapter 6 and on the annual publication of the Organisation for Economic Cooperation and Development, Revenue Statistics (Paris), for the descriptions of tax categories in Chapter 5. items, such as the net operating balance, net lending/borrowing, and the change in net worth. Such balancing items are most effectively defined and measured within an integrated and comprehensive accounting framework such as the GFS system. 1.9 In contrast to summary measures, the detailed data of the GFS system can be used to examine specific areas of government operations. For example, one might want information about particular forms of taxation, the level of expense incurred on a type of social service, or the amount of government borrowing from the banking system The harmonization of the GFS system with other macroeconomic statistical systems means that data from the GFS system can be combined with data from other systems to assess general government or public sector developments in relation to the rest of the economy. Similarly, the establishment of internationally recognized standards permits government finance statistics to be used in cross-country analyses of government operations, such as comparisons of ratios of taxes or expense to gross domestic product. C. Structure and features of the GFS system 1.11 The GFS system pertains to the general government and public sectors as defined in the 1993 SNA and Chapter 2 of this manual. These sectors are defined in terms of institutional units, which are economic entities that are capable of owning assets, incurring liabilities, and engaging in economic activities and transactions with other entities in their own right. These characteristics render institutional units a subject of economic and statistical interest that can be satisfied by compilation of a full set of accounts for them, including balance sheets Two types of flows are recorded in the GFS system: transactions and other economic flows. 5 For the most part, transactions are interactions between two institutional units that take place by mutual agreement. The Statement of Government Operations (see Chapter 4) records the results of all transactions during an accounting period. They are classified as revenue, expense, net acquisitions of nonfinancial 5 Flows reflect the creation, transformation, exchange, transfer, or extinction of economic value. Transactions and other economic flows are defined and described in greater detail in Chapter 3. 2

10 Introduction assets, net acquisitions of financial assets, or net incurrences of liabilities. Transactions that generate revenue or expense result in a change in net worth. Other types of transactions result in equal changes to assets and/or liabilities and do not result in a change to net worth Other economic flows include price changes and a variety of other economic events that affect the holdings of assets and liabilities, such as debt writeoffs and catastrophic losses. The Statement of Other Economic Flows (see Chapter 4) summarizes these changes in assets, liabilities, and net worth The Balance Sheet (see Chapter 4) for the general government or public sector is a statement of the stocks of financial and nonfinancial assets owned, the stock of claims of other units against the owners of those assets in the form of liabilities, and the sector s net worth, equal to the total value of all assets less the total value of all liabilities The comprehensive treatment of transactions and other economic flows in the GFS system enables the opening and closing balance sheets to be reconciled fully. That is, the stock of a given type of asset or liability at the beginning of an accounting period plus the changes in that stock indicated by transactions and other economic flows equals the stock at the end of the period. Such an integrated statistical system permits the effects of policies and specific economic events to be described and analyzed fully Various classifications are applied to the flows and stocks recorded in the GFS system. For example, each revenue transaction is classified according to whether it is a tax or another type of revenue; expense transactions are classified by purpose and by economic type; assets are classified according to whether they are financial or nonfinancial; and financial assets and liabilities are classified both by type of instrument and the sector of the unit that issued the asset held by government or that holds the liability issued by government Despite harmonization of the GFS system with the 1993 SNA, there are differences between the two statistical systems. The most important difference is that the focus of the GFS system is on financial transactions taxing, spending, borrowing, and lending while the 1993 SNA also focuses on the production and consumption of goods and services. As a result, the treatment of government productive activities in the GFS system differs substantially from the treatment of those activities in the 1993 SNA. Significant differences relate to the treatment of own-account capital formation, retirement schemes for government employees, and the degree of consolidation (for more details, see Appendix 3) In many cases, the compilation of government finance statistics will be the first step in the compilation of statistics for the general government sector of the national accounts. For this reason, some data that normally would not appear in a standard GFS presentation should be maintained in subsidiary records because they are needed for the national accounts. For example, the detailed estimates of retirement schemes for government employees should be maintained so that the different treatment of such schemes in the 1993 SNA can be accommodated Definitions of concepts in the GFS system are the same as in the 1993 SNA, but the coverage of a particular category of transactions may be slightly different. For example, compensation of employees recorded as an expense in the GFS system does not include the compensation of employees engaged in own-account capital formation, but compensation of employees in the 1993 SNA includes the compensation of all employees. The definition and composition of compensation of employees, however, is identical in both systems. Using the same name when the coverage is different could be misleading. To note where the coverage or some other aspect of a concept differs from the same concept in the 1993 SNA, the indicator [GFS] is added after the GFS title and an explanation of the difference is provided Contingencies, such as loan guarantees and implicit guarantees to provide social benefits when various needs arise, can have important economic influences on the general economy but do not result in transactions or other economic flows recorded in the GFS system until the event or condition referred to actually occurs. As a result, provision is made for recording contingencies as memorandum items. D. Methodological changes from the 1986 GFS system 1.21 The methodology for compiling government finance statistics described in this manual differs substantially from the methodology of the

11 Government Finance Statistics Manual 2001 GFS Manual. The following paragraphs summarize the major differences. Details are provided in Appendix Coverage 1.22 The focus of the coverage of the revised GFS system is the general government sector as defined in the 1993 SNA, which is defined on the basis of institutional units. The coverage of the 1986 GFS Manual is defined on a functional basis and includes the relevant transactions of any unit carrying out a function of government. Frequently, units of the broader public sector carry out some functions of government. To capture the fiscal transactions and activities taking place outside the general government sector, the compilation of statistics of the public sector and identification of the transactions between units of the general government sector and public corporations are encouraged. 2. Basis of recording economic events 1.23 In the revised GFS system, flows are recorded on an accrual basis, which means that flows are recorded at the time economic value is created, transformed, exchanged, transferred, or extinguished. In the 1986 GFS Manual, transactions are recorded when cash is received or paid Using the accrual basis also means that nonmonetary transactions are fully integrated in the revised GFS system. In the 1986 GFS Manual only selected nonmonetary transactions were recorded as memorandum items. 3. Valuation 1.25 Flows as well as assets, liabilities, and net worth are valued at current market prices in the revised GFS Manual, but with a provision for recording the nominal value of debt securities as a memorandum item. In the 1986 GFS Manual, debt securities are valued at the amount the government is obligated to pay when the debt matures, which may differ from both the nominal value and the current market value. 4. Balance sheets 1.26 Complete balance sheets, which include all stocks of financial assets, nonfinancial assets, liabilities, and net worth, are included in the revised GFS system. The 1986 GFS Manual includes only stocks of certain debt liabilities. 5. Integration of flows and stocks 1.27 The comprehensive recording of transactions and other economic flows permits a full integration of flows and stocks and the reconciliation of differences between the opening and closing balance sheets. Such a reconciliation of the stocks of the debt liabilities included in the 1986 GFS Manual is not possible without the collection of additional information. 6. The analytic framework 1.28 In the revised GFS system several new balancing items are introduced. Associated with this change is the view that analysis of the general government sector or the public sector must include a variety of considerations and that no single measure is sufficient for all purposes. In the 1986 GFS Manual, the emphasis of the analytic framework is focused on a single balancing item, the overall deficit/surplus The revised definitions of revenue and expense as changes in net worth resulting from transactions lead to a revision of the treatment of transactions in nonfinancial assets from the 1986 GFS Manual and the introduction of new balancing items. Previously, cash transactions in nonfinancial assets were treated as capital revenue and expenditure, which affected the overall deficit/surplus. Now the difference between revenue and expense is a balancing item, the net operating balance, that measures the change in net worth resulting from transactions All transactions involving the acquisition or disposal of financial assets are now treated as financial transactions, and net lending/borrowing is a balancing item defined as the net acquisition of all financial assets less the net incurrence of all liabilities from transactions. In the 1986 GFS Manual, the net acquisition of financial assets for policy purposes was designated as lending minus repayments and treated like expenditure in deriving the overall deficit/surplus. Provision is made in the revised system, however, for another balancing item, the overall balance, which allows the net acquisition of selected financial assets to be treated similarly to the net acquisition of financial assets for policy purposes in the 1986 GFS Manual (see Chapter 4). 4

12 Introduction E. Implementation of the revised GFS system 1.31 Some countries may be able, at least initially, to compile only a small part of the revised GFS system. It is not appropriate to lay down general priorities for data collection when economic circumstances may vary so much from one country to another. In practice, priorities usually are best established by national authorities that are familiar with the situation, needs, and problems of the individual countries in question It is recognized that the implementation of the fully integrated GFS system presented in this manual will take some time and will need to progress at a pace determined by the differing needs and circumstances of the country involved. In particular, many countries will need to revise their underlying accounting systems to reflect the accrual accounting principles and revised classifications of the GFS system Nonetheless, it is likely that many countries will follow a similar path as they implement the system. For example, a possible first step on the migration path could be that countries would adopt the revised classification structure of the Statement of Government Operations or Statement of Sources and Uses of Cash and adjust their existing cash-based statistics to allow for known deficiencies, such as by incorporating information on revenue or expense arrears. Another step might be the assembly of balance sheet information on financial assets and liabilities that would enable estimates to be made of the other economic flows of the system as they relate to these financial items. Amore difficult step is likely to be the collection of a complete set of information about the stocks of nonfinancial assets held at a given time and their valuation at current market prices. Finally, a fully developed accrual accounting system could be introduced that provides for complete balance sheets to be prepared. F. Structure of the manual 1.34 The remainder of this manual can be divided into two general topics. Chapters 2 through 4 develop the concepts used in the system, and Chapters 5 through 10 describe the classifications used and the types of flows or stocks included in each classification category Chapter 2 describes the coverage of the general government sector, the division of the sector into subsectors, and its expansion to the public sector. Chapter 3 first summarizes the concepts of transactions, other economic flows, and stocks of assets and liabilities. It then describes the accounting rules governing their recording, including timing, valuation, and consolidation. Chapter 4 describes the analytic framework, which is the presentation of transactions, other economic flows, and balance sheets in a manner that permits the calculation of balancing items as summary measures of the activities of the general government sector Chapters 5 through 10 describe the classifications of transactions, other economic flows, and stocks of assets and liabilities. Chapter 5 is devoted to revenue transactions, which represent increases in net worth. Chapter 6 describes expense transactions, which decrease net worth. Chapter 7 describes the balance sheet and the classification of stocks of assets, liabilities, and net worth. Chapter 8 provides a classification of transactions in nonfinancial assets, and Chapter 9 provides a classification of transactions in financial assets and liabilities. Finally, Chapter 10 covers other economic flows The manual includes four appendixes. Appendix 1 describes the methodological changes from the 1986 GFS Manual; Appendix 2 describes the treatment of various debt and debt-related transactions and other economic flows; Appendix 3 summarizes the relationships between the GFS system and the 1993 SNA; and Appendix 4 lists all of the classification codes used in the GFS system. An annex to Chapter 2 describes social protection, while an annex to Chapter 6 reproduces the Classification of the Functions of Government. 6 Although the GFS system is described in standard accounting terms, it is important to remember that it is a statistical reporting system that might differ in important ways from the underlying financial accounting system from which most of the GFS statistics will be derived. 5

13 2. Coverage of the GFS System This chapter defines the concepts of sectors and institutional units and then uses those concepts to define the general government sector and the public sector. A. Introduction 2.1 The government of a country consists of the public authorities and their agencies, which are entities established through political processes that exercise legislative, judicial, and executive authority within a territorial area. 1 The principal economic functions of a government are (1) to assume responsibility for the provision of goods and services to the community on a nonmarket basis, either for collective or individual consumption, and (2) to redistribute income and wealth by means of transfer payments. 2 An additional characteristic of government is that these activities must be financed primarily by taxation or other compulsory transfers. 3 A government may, of course, also finance a portion of its activities in a specific period by borrowing or by acquiring funds from sources other than compulsory transfers, such as interest revenue, incidental sales of goods and services, or the rent of subsoil assets. 2.2 The goods and services provided to the community for collective consumption normally consist of services such as public administration, defense, 1 The term government is used here as a collective of all entities in a country that satisfy this definition. More often, reference will be made to the various individual governments of a country. For example, a country may have one central government; several state, provincial, or regional governments; and many local governments. 2 The concepts of market and nonmarket output are described in paragraphs 2.31 to Briefly, nonmarket output consists of goods and services distributed for free or sold at very low prices. 3 The requirement of financing activities by compulsory transfers is necessary to differentiate a government from a nonprofit institution, which may carry out the same functions as a government but obtains its funds from voluntary transfers, property income, or sales. The receipt of compulsory transfers may be indirect. For example, a local government may finance its activities with grants from the central government. and law enforcement. By definition, collective services are always provided free. Typical goods and services provided for individual consumption are education, health, housing, recreation, and cultural services. These services may be provided for free or the government may charge a fee. The goods and services provided to the community as a whole or to individuals may be produced by the government itself or the government may purchase them from a third party. 2.3 In principle, the GFS system covers all entities that materially affect fiscal policies. Normally, fiscal policies are implemented by entities wholly devoted to the economic functions of government, such as a government ministry. In addition to those entities, however, fiscal policy may be carried out by government-owned or controlled enterprises that engage primarily in commercial activities. These enterprises, such as the central bank or national railroad, which are referred to as public corporations, are not considered part of government, but statistics should be collected on them. 2.4 Determining the coverage of the entities included in the GFS system therefore requires consideration of two questions. First, what is the statistical unit from which it is feasible and meaningful to collect statistics? Second, which of those statistical units should be included in the GFS system? 2.5 Regarding the first question, the statistical unit employed in the GFS system is the institutional unit, the same unit that is the foundation of the 1993 SNA. As explained later in this chapter, this type of unit can, in its own right, own assets, incur liabilities, and engage in economic activities and transactions with other entities. There are several reasons for choosing this unit: Statistics can be based on information from entities for which complete sets of accounts can be com- 6

14 Coverage of the GFS System piled, including balance sheets. Such accounts permit the integration of flows and stocks. That is, all changes in the balance sheet during an accounting period can be traced to a transaction or other identified event recorded in the system. The data needed for the compilation of statistics are usually available in existing accounting records or can be made available. Statistics for government can be harmonized with statistics of the 1993 SNA because the entities for which statistics are compiled are defined identically. 2.6 An alternative to compiling GFS based on institutional units is to compile statistics from all units in the economy, but include only those statistics that relate directly to fiscal operations. Not only would it be impossible to construct balance sheets and explain changes in balance sheets with such statistics, but in practice, it is unlikely to be possible to separate the fiscal operations of public corporations from their normal commercial activities. For example, it is unlikely that loans issued by a public financial corporation with an interest rate deliberately set lower than the market rate can be separated from similar loans with a market rate. 2.7 With regard to the question of the institutional units for which statistics should be compiled, two principal constructs are developed in this manual. First, the general government sector is defined. It consists of all institutional units primarily engaged in nonmarket operations. Second, the public sector is defined to capture the impact on fiscal policy of the activities of public corporations. It includes all units of the general government sector plus all public corporations. In addition, a number of subsectors of the general government and public sectors are defined because of their likely analytic usefulness. 2.8 The remainder of this chapter first defines the concepts of sectors and institutional units in general. It then applies these concepts to the general government sector and the public sector. Finally, the other sectors mentioned in this manual and the concept of residency are described. B. Sectors and institutional units 4 1. Definition of a sector 2.9 The total economy of a country can be divided into sectors, with each sector consisting of a number of institutional units defined in the following section that are resident in the economy. This manual follows the 1993 SNA by initially dividing the total economy into five mutually exclusive sectors. The units 5 in each sector have similar objectives and these objectives are, in turn, different from those of units in other sectors. The five sectors are as follows: The nonfinancial corporations sector, which consists of entities created for the purpose of producing goods and nonfinancial services for the market; The financial corporations sector, which consists of entities engaged in providing financial services for the market; The general government sector, which consists of entities that fulfill the functions of government as their primary activity; The nonprofit institutions serving households sector, which consists of all resident nonprofit institutions, except those controlled and mainly financed by government, that provide nonmarket goods or services to households; and The households sector, which consists of small groups of persons who share the same living accommodation, pool some or all of their income and wealth, and consume certain types of goods and services collectively For analytic purposes each of these sectors may be divided into subsectors, and the subsectors can be combined in different ways to form other sectors. For example, the general government sector can be divided into central, state, and local government subsectors, and the nonfinancial corporations sector can be divided into public nonfinancial corporations and other nonfinancial corporations. 4 The definitions and descriptions of sectors and institutional units are intended to be fully consistent with the equivalent definitions and descriptions in Chapter IV of the 1993 SNA. 5 Hereafter, unit will often be used as a short form for institutional unit. 7

15 Government Finance Statistics Manual Definition of an institutional unit 2.11 An institutional unit is an economic entity that is capable, in its own right, of owning assets, incurring liabilities, and engaging in economic activities and in transactions with other entities. Some important features of institutional units follow: The ability of an institutional unit to own goods or assets in its own right means that it is also able to exchange the ownership of goods or assets in transactions with other institutional units. An institutional unit is able to take economic decisions and engage in economic activities for which it is itself held directly responsible and accountable at law. An institutional unit is able to incur liabilities on its own behalf, to take on other obligations or future commitments, and to enter into contracts. Either a complete set of accounts, including a balance sheet of assets, liabilities, and net worth, exists for an institutional unit, or it would be possible and meaningful, from both an economic and legal viewpoint, to compile a complete set of accounts if they were to be required There are two main types of entities that may qualify as institutional units: (1) persons or groups of persons in the form of households and (2) legal or social entities whose existence is recognized by law or society independently of the persons or other entities that may own or control them The four types of legal or social entities recognized in the 1993 SNA and this manual as institutional units are corporations, quasi-corporations, nonprofit institutions, and government units Corporations are legal entities that are created for the purpose of producing goods or services for the market. They may be a source of profit or other financial gain to their owners. A corporation is collectively owned by shareholders who have the authority to appoint directors responsible for its general management. Institutional units owned or controlled by governments that qualify as corporations in the sense used here are known as public corporations. All corporations are members of the nonfinancial corporations sector or the financial corporations sector, depending on the nature of their primary activity The key to classifying a unit as a corporation is not its legal status but rather the characteristics of producing goods and services for the market and being a source of profit or other financial gain to the owners. Some nonprofit institutions and government units have the legal status of a corporation but are not considered corporations for the purposes of economic statistics because they do not produce for the market. Other nonprofit institutions are legal corporations that produce for the market but are not a source of financial gain to their owners. Conversely, some entities with different legal titles, such as joint-stock company, are considered corporations for economic statistics Quasi-corporations are entities that are not incorporated or otherwise legally established, but which function as if they were corporations, as defined in the previous two paragraphs. Quasi-corporations are also treated in the same way as corporations in the GFS system, which means that they are institutional units separate from the units to which they legally belong. They are classified as members of either the nonfinancial corporations sector or the financial corporations sector depending on the nature of their primary activity The concept of a quasi-corporation is intended to separate from their owners those unincorporated enterprises that are engaged in commercial activities and are sufficiently self-contained and independent that they behave in the same way as corporations. To be a quasi-corporation, there must be a complete set of accounts for the enterprise or it must be possible to construct such accounts, including any flows of income and capital between the quasi-corporation and its owner. A government printing office and an agency producing cultural services for sale to the public are examples of possible public quasi-corporations In order for a public quasi-corporation to exist, the government must allow the management of the enterprise considerable discretion with respect to the management of the production process and with the use of its funds. The quasi-corporation must be able to maintain its own working capital and be able to finance some or all of its capital formation, either from its own resources or by borrowing. The ability to distinguish flows of income and capital between a quasi-corporation and the government unit that owns it implies that the operating and financing activities of the quasi-corporation are not fully integrated with the parent s corresponding activities, despite the fact that the quasi-corporation is not a separate legal entity. 8

16 Coverage of the GFS System 2.19 Nonprofit institutions (NPIs) are legal or social entities created for the purpose of producing or distributing goods and services, but they cannot be a source of income, profit, or other financial gain for the institutional units that established, control, or finance them. An NPI may engage in market or nonmarket production. If it engages in market production, such as a hospital that charges market prices or a university that charges tuition, then the NPI must either retain any surplus earned from its productive activities to support its future operations or distribute it to institutional units other than the units that established, control, or finance it. These market NPIs are, like corporations and quasi-corporations, members of either the nonfinancial corporations sector or the financial corporations sector. Other NPIs are members of either the nonprofit institutions serving households sector or the general government sector, depending on which units control and mainly finance the NPI Government units are institutional units that carry out the functions of government as their primary activity. That is, they have legislative, judicial, or executive authority over other institutional units within a given area; they assume responsibility for the provision of goods and services to the community as a whole or to individual households on a nonmarket basis; they make transfer payments to redistribute income and wealth; and they finance their activities, directly or indirectly, mainly by means of taxes and other compulsory transfers from units in other sectors. All government units are members of the general government sector A social security fund is a particular kind of government unit that is devoted to the operation of one or more social security schemes, which are defined in the annex to this chapter. A social security fund must satisfy the general requirements of an institutional unit. That is, it must be separately organized from the other activities of government units, hold its assets and liabilities separately, and engage in financial transactions on its own account. 3. Application of the definition of an institutional unit to government 2.22 Depending on the complexity of a government s organization, the identification of government units may be difficult. Most of the ministries, departments, agencies, boards, commissions, judicial authorities, legislative bodies, and other entities that make up a government are not institutional units because they generally do not have the authority to own assets, incur liabilities, or engage in transactions in their own right. In general, all entities funded by appropriations made in accordance with a budget controlled by the legislature must be amalgamated into a single institutional unit A government unit is not limited in its geographic location. For example, the individual ministries or departments of a particular government may be deliberately dispersed throughout the area of the government s jurisdiction. They remain, nevertheless, part of the same institutional unit. Similarly, a given ministry or department may maintain branch offices or agencies in many different locations to meet local needs. These offices and agencies are part of the same institutional unit There may, however, be government entities with a separate legal identity and substantial autonomy, including discretion over the volume and composition of their expenditures and a direct source of revenue, such as earmarked taxes. Such entities are often established to carry out specific functions, such as road construction or the nonmarket production of health or education services. These entities should be treated as separate government units if they maintain full sets of accounts, own goods or assets in their own right, engage in nonmarket activities for which they are held accountable at law, and are able to incur liabilities and enter into contracts Many governments allocate substantial volumes of resources to social protection through the provision of social benefits, which are payments in cash or in kind to protect the entire population or specific segments of it against certain social risks. A social risk is an event or circumstance that may adversely affect the welfare of the households concerned either by imposing additional demands on their resources or by reducing their incomes. Examples of social benefits are the provision of medical services, unemployment compensation, and social security pensions. Because of the large scale of social protection programs in many countries and the different organizational possibilities of such programs, an annex to this chapter describes the different types of programs and their effects on statistics of the general government sector When a government comprises two or more institutional units, there normally is one unit that con- 9

17 Government Finance Statistics Manual 2001 trols the other units. The controlling unit most likely includes the legislature, head of state, and judiciary. In contrast to corporations, one government unit controls another government unit by appointing its managers and/or determining the laws and regulations that provide its finance rather than through equity ownership. No government unit owns another government unit, and government units do not issue equity securities Public corporations, in contrast to government units, are potential sources of financial gain to the government units that own or control them. In some cases, the corporation issues equity securities so that the financial gain or loss is clearly allocated to the owner or owners. In other cases, no equity securities are issued, but it is clear that a specific government unit controls the corporation s activities and is financially responsible for it. In those cases, the responsible government unit is assumed to own implicitly issued equity securities. C. The general government sector and its subsectors 1. The general government sector 2.28 The general government sector consists of all government units and all nonmarket NPIs that are controlled and mainly financed by government units. 6 Hereafter the term general government unit will be used to refer to units of the general government sector Nonmarket NPIs that are both controlled and mainly financed by government units are legally nongovernment entities, but they are considered to be carrying out government policies and effectively are part of government. Governments may choose to use nonprofit institutions rather than government agencies to carry out certain government policies because NPIs may be seen as detached, objective, and not subject to political pressures. For example, research 6 Only resident government units and NPIs are included in the general government sector, but it can be assumed that all government units and NPIs controlled by government are residents. The concept of residency is described in paragraphs 2.70 to The term general government unit will generally be used in this manual, but in most cases the text is equally applicable to public corporations. In some cases, reference will be made to public corporations or public sector units for clarity. Otherwise an extension to the public sector can be assumed. and development and the setting and maintenance of standards in fields such as health, safety, the environment, and education are areas in which NPIs may be more effective than government agencies A government unit controls a nonmarket NPI when it has the ability to determine the general policy or program of the NPI. A government unit can determine the general policy or program by having the right to appoint the officers managing the NPI or through financial means. The amount of control provided by the supply of finance depends on the timing and restrictions attached to the funds as well as the amount of financing. It is necessary, therefore, to apply judgment based on the individual facts and circumstances of each case. An NPI is mainly financed by a government unit when the main portion of the NPI s operating funds is provided by a government unit The general government sector does not include public corporations or quasi-corporations. When a unit sells some or all of its output, it can be difficult to decide whether to classify the unit as either a government unit or a public corporation or to decide whether a public quasi-corporation exists. In general, the decision is based on whether the unit sells its output at market prices. Any unit that sells all or almost all of its output at market prices is a corporation or quasi-corporation and all other units are government units. With public units, however, market prices are not always easy to identify. The concept of economically significant prices underlies the determination of prices as market or nonmarket and, therefore, the classification of units Economically significant prices are prices that have a significant influence on the amounts the producers are willing to supply and on the amounts purchasers wish to buy. This definition can be implemented, however, only with a great deal of judgment after considering all of the facts and circumstances. Although no precise guidelines can be provided, it is clear that an economically significant price does not have to be so high that all costs of production are covered. At the other extreme, a price that is not economically significant is one that is not quantitatively significant from the point of view of either supply or demand. Such prices are likely to be charged in order to raise some revenue or achieve some reduction in the excess demand that may occur when services are 8 In agreement with footnote 4, the assignment of NPIs to sectors should be identical to the assignment used in the national accounts. 10

18 Coverage of the GFS System provided completely free, but they are not intended to eliminate such excess demand. The price merely deters those units whose demands are the least pressing without greatly reducing the total level of demand Market output consists of goods and services that are sold at economically significant prices, otherwise disposed of on the market, or intended for sale or disposal on the market. Nonmarket output consists of goods and services that are supplied free or at prices that are not economically significant to other institutional units or the community as a whole A market producer is a unit that markets its entire output. In this context, market output includes output in the form of own-account fixed capital formation. A nonmarket producer is a unit that mainly supplies goods or services free or at prices that are not economically significant to households or the community as a whole. These producers may also have some sales of market output as a secondary activity Thus, when classifying units that sell some or all of their output, two questions must be considered. First, if a unit sells most or all of its output, are the prices economically significant? If they all are, then the unit is a public corporation. If none of the prices is economically significant, then the unit is a general government unit. Second, if only some of the prices are economically significant or if the unit sells only some of its output, is it possible to identify a quasicorporation within the unit? If it is possible, then the organizational components that sell their output at economically significant prices and have a complete set of accounts are treated as a quasi-corporation. The remaining components would form a general government unit. If it is not possible to form a quasi-corporation, then the components selling their output for economically significant prices remain an integral part of the general government unit and their sales are part of the unit s revenue If a general government unit sells some of its output for economically significant prices, then one or more market establishments may exist. An establishment is an enterprise 9 or a part of an enterprise situated in a single location at which only a single productive activity is carried out, or where the principal productive activity accounts for most of the value added. In practice, an establishment is usually identified with an individual workplace at which a particular kind of 9 An enterprise is an institutional unit engaged in production. productive activity is carried out. An institutional unit may be composed of one or more establishments A market establishment within a general government unit is an establishment that sells or otherwise disposes of all or most of its output at prices that are economically significant. 10 All other establishments are nonmarket establishments. A nonmarket producer, such as a general government unit, will have mostly nonmarket establishments, but it may have one or more market establishments. For example, a municipal swimming pool that charges entrance fees or a government publishing office that sells its publications might be a market establishment. The definition of a market establishment implies that complete accounting records about its production activities are available, including the value of its output and the cost of producing that output. It will not, however, have a complete balance sheet or be able to engage in financial transactions in its own name. If it had those qualities it would be treated as a quasi-corporation. The sales of market establishments are identified in Chapter 5 as a specific category of revenue. Sales by nonmarket establishments, whether at economically significant prices or not, are classified as a different category of revenue, incidental sales of goods and services There are two exceptions to these general rules about the classification of units. First, if the unit is an internal service organization that sells its output mainly to other government units, such as a transportation pool, a supply depot, or a munitions factory, then it is treated as an ancillary unit and its activities are consolidated with the other activities of the government unit that controls it. Second, in some cases a unit that appears to be a financial corporation is in fact a general government unit. Most typically, a government may establish a central borrowing authority that borrows on the market and then lends only to general government units, generally on commercial terms. Such organizations merely facilitate government borrowing and should be classified as general government units An additional consequence of compiling statistics based on institutional units is that a part of the monetary authority may be included in the general government sector. Normally, the central bank is a 10 A market establishment is the closest equivalent in this manual to the concept of a departmental enterprise in the 1986 GFS Manual. 11 If the unit mainly lends to public corporations, then it would be classified as a financial corporation. 11

19 Government Finance Statistics Manual 2001 separate institutional unit classified as a public corporation. In some countries, however, the central government may include units that engage in financial transactions that in other countries would be performed by central banks. In particular, government units may be responsible for the issue of currency, the maintenance of international reserves, the operation of exchange stabilization funds, or transactions with the IMF. When the units in question remain financially integrated with the government and under the direct control and supervision of the government, then they cannot be treated as separate institutional units and any monetary authority functions carried out by the government are recorded in the general government sector. 2. Subsectors of the general government sector 2.40 It is often necessary or desirable for analytic reasons to disaggregate the statistics of the general government sector. Two primary methods of constructing subsectors are presented. The difference between them is the result of alternative possible treatments of social security funds Depending on the administrative and legal arrangements, there may be more than one level of government within a country, and statistics should be compiled for each level. In the GFS system, provision is made for three levels of government: central; state, provincial, or regional; and local. Not all countries will have all three levels; some may have only a central government or a central government and one lower level. Other countries may have more than three levels. In that case, the various units should all be classified as one of the three levels suggested here. In addition to levels of government, the existence of social security funds and their role in fiscal policy may require that statistics for all social security funds be compiled as a separate subsector of the general government sector Classification problems may arise when government operations are carried out by a general government unit jointly responsible to two levels of government. This classification decision may be especially difficult if the agency has its own source of funding, such as earmarked taxes. Similarly, an NPI might be controlled and mainly financed by two or more government units at different levels of government. For example, a state government unit might have the right to appoint the majority of officers managing an NPI but the finance might be provided mainly by the central government. General government units subject to dual control should be classified to the level of government that predominates in financing or controlling its operations, but no precise rules can be formulated that cover all possible arrangements The requirements to classify general government units according to their level of government and whether they are a social security fund can be accommodated in two alternative sets of subsectors. First, all social security funds could be classified according to the level of government that operates them and combined with other general government units at that level. Thus, the subsectors would be central, state, and local government, assuming that all three levels of government exist (Figure 2.1). Second, all social security funds could be combined into a separate subsector and all other general government units could be classified according to their level. In that case, the central, state, and local government subsectors would consist of all government units other than social security funds The alternative methods of subsectoring are designed to accommodate different analytic needs. The decision as to which method is more appropriate in a given country depends on how well organized and important social security funds are and on the extent to which they are managed independently of the government units with which they are associated. If the management of social security funds is so closely integrated with the short- or medium-term requirements of the government s general economic policy that contributions and benefits are deliberately adjusted in the interests of overall economic policy, it becomes difficult, at a conceptual level, to draw any clear distinction between the management of social security and the other economic functions of government. In other countries, social security funds may exist in only a very rudimentary form. In either of these circumstances it is difficult to justify treating social security funds as a separate subsector on a par with central, state, and local government In addition to subsectors based on the level of government and the existence of social security funds, it may be possible to create subsectors at each level of government based on whether the units are financed by the legislative budgets of that level of government or by extrabudgetary sources. It is often analytically desirable to classify these types of units separately because of their differing sources of finance and different types of public oversight of their operations. 12

20 Coverage of the GFS System Figure 2.1: The General Government Sector and Its Subsectors General Government Sector 2.46 In addition to the classification of units by level of government and by social security funds, some classifications of transactions are based on the other party to the transaction. In those instances, one grouping of units is other general government units, which consists of all general government units other than the units for which the statistics are being compiled. For example, when statistics for the central government subsector are compiled, this grouping would include all general government units other than central government units The following sections define the levels of government. These definitions apply regardless of the selected treatment of social security funds. a. Central government Central Government Subsector 1 State Government Subsector 1 Local Government Subsector 1 1 Includes social security funds. Alternatively, social security funds can be combined into a seperate subsector The political authority of a country s central government extends over the entire territory of the country. The central government can impose taxes on all resident institutional units and on nonresident units engaged in economic activities within the country. The central government typically is responsible for providing collective services for the benefit of the community as a whole, such as national defense, relations with other countries, public order and safety, and the efficient operation of the social and economic system of the country. In addition, it may incur expenses on the provision of services, such as education or health, primarily for the benefit of individual households, and it may make transfers to other institutional units, including other levels of government The compilation of statistics for the central government is particularly important because of the special role it plays in monetary and economic analysis. It is mainly through central government finances that fiscal policy operates on inflationary or deflationary pressures within the economy. It is generally at the central government level alone that a decisionmaking body can formulate and carry out policies directed toward nationwide economic objectives. Other levels of government have neither national economic policies as their objective nor the central government s access to central bank credit The central government subsector is a large and complex subsector in most countries. It is generally composed of a central group of departments or ministries that make up a single institutional unit plus, in many countries, other units operating under the authority of the central government with a separate legal identity and enough autonomy to form additional government units. b. State, provincial, or regional government 2.51 A state, province, or region is the largest geographical area into which the country as a whole may be divided for political or administrative purposes. These areas may be described by other terms, such as provinces, cantons, republics, prefectures, or administrative regions. For ease of expression and consistency with the 1993 SNA, this level of government will be referred to hereafter as the state government The legislative, judicial, and executive authority of a state government extends over the entire area of an individual state, which usually includes numerous localities, but does not extend over other states. In some countries, individual states and state governments may not exist. In other countries, especially those with federal constitutions, considerable powers and responsibilities may be assigned to state governments A state government usually has the fiscal authority to levy taxes on institutional units that are resident in or engage in economic activities in its area 13

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